IndusInd Bank offers personal loans to salaried or self-employed professionals for loan amounts varying between Rs.30,000 to Rs.50 lakhs for a maximum loan tenure of 6 years at a starting interest rate of 10.49% p.a. onwards. It is easy to get an instant personal loan online with simple documentation, easy loan processing, and quick disbursal.
| IndusInd Bank Personal Loan Key Highlights | |
| Loan Amount | Rs.30,000 to Rs.50 Lakhs |
| Loan Tenure | 1 year to 6 years |
| Interest Rate | 10.49% onwards |
| Processing Fees | Up to 3% of the loan amount + taxes |
| Age Limit | 21 years – 65 years |
| Occupation | Salaried or Self-employed |
| Minimum Income | Rs.25,000 per month |
| Foreclosure Charges | 4% of the principal outstanding amount after repayment of 12 EMIs |
Eligibility Criteria of IndusInd Bank Personal Loan
Borrowers need to check their eligibility first before they apply for personal loans on the basis of their employment type.
Personal Loan Eligibility for Salaried Employees
- The minimum age required to apply for a personal loan should be 21 years and the maximum age at personal loan maturity should be 60 years or retirement (whichever is earlier).
- The minimum net monthly income should be Rs.25000 for online application.
- Borrower must have completed a minimum of 2 years in total employment and 1 year in the current organization.
- They must have completed a minimum of 1 year of stay at the current residence if rented.
Personal Loan Eligibility for Self-Employed Professionals
- The minimum age to apply for a personal loan should be 25 years and the maximum age at loan maturity should be 65 years.
- Minimum annual net income post-tax should be Rs.4.8 lakhs
- Borrower should have 4 years of post-qualification experience
Personal Loan Eligibility Self-Employed Individuals
- The minimum age to apply for a personal loan should be 25 years and the maximum age at loan maturity should be 65 years.
- Minimum net annual income after tax should be Rs.4.8 lakhs
- Individuals should have at least 5 years of post-qualification experience
IndusInd Bank also considers credit scores while evaluating their personal loan eligibility, just like many personal loan lenders do.
IndusInd Bank Personal Loan Interest Rate and Other Charges
IndusInd Bank’s personal loan interest rate starts from 10.49% per annum. Whereas the Bank has not shown its different interest rates for its personal loan applicants based on parameters like credit score, monthly income, job profile, organization, etc.
| Interest Rate | 10.49% p.a. onwards |
| Processing Fees | Up to 3% of the loan amount |
| Prepayment Charges | 4% of the principal remaining amount after repayment of 12 EMIs |
| Duplicate Statement Fees | Rs.250 per instance |
| Payment Dishonour Fees | Rs.450 per instance |
| ECS / SI Swapping Charges/ Cheque | Rs.500 per event |
| Duplicate No Dues Certificate | Rs.250 per event |
| CIBIL Report | Rs.50 per instance per set as applicable |
| Stamp Duty | As per state laws |
| Legal charges | As per actuals |
| Charges for Photocopy of Documents | Rs.250 per event |
| Penalty Fees | Rs.150 per EMI delay |
| Loan Cancellation Charges | Rs.1000 per event |
| Loan Re-Booking Charges | Rs.1000 per event |
| Duplicate Amortization Schedule Charge | Rs.250 per event |
*Note: All the charges mentioned above are excluding applicable government taxes.
Mandatory Documents Required for IndusInd Bank Personal Loan
Important documents are required to avail personal loan from IndusInd Bank Personal Loan as per occupation.
For Salaried
- An application form with a photograph is required.
- Proof of Identity: Self-attested photocopy of Driving license/ Passport/ Voters ID/ Aadhar card/ PAN (any of the following).
- KYC Proof: Valid identity proof /Residence /Signature proof
- Income proof: Form 16/ITR for at least 3 years and the latest 3 month’s salary slip is required
- Banking: Latest 3 month’s bank statement (salary account)
For Self-Employed Professionals
- Application form with photograph
- Identity proof: Self-attested photocopy of any one of the following Driving license/ Passport/ Voters ID/ Aadhar card/ PAN card
- KYC proof: Valid identity proof/ Residence/ Signature proof
- Income proof: Form 16/ITR for the past 3 years and latest 3 month’s salary slip
- Banking: Latest 6 months practicing current account and the latest 3 month’s primary savings bank statement.
For Self-Employed Individuals
- Application form with photograph
- Proof of Identity: Self-attested photocopy of any one of the following: Driving license/ Passport/ Voters ID/ Aadhar/ PAN
- KYC Documents: Valid identity/Residence/Signature proof
- Income proof: Form 16/ITR for the last 3 years and Latest 3 month’s salary slip
- Banking- Latest 6 months Business Current Account and the latest 3 months’ Primary Savings Bank Statement.
Steps to Avail IndusInd Bank Personal Loan
Follow the steps below to apply for an IndusInd Bank Instant Personal Loan.
Step 1. Visit https://induseasycredit.indusind.com/customer/personal-loan/new-lead and let them know your loan requirement and basic details like your mobile number, PAN card number, etc.
Step 2. Next, you need to verify your address details.
Step 3. Check out your best personal loan offer as per details submitted by you. And to need to complete your video KYC (V-KYC).
Step 4. Provide your bank account details and sign the contract digitally for instant disbursement.
Types of Induslnd Bank Personal Loans
IndusInd Bank provides various types of personal loans for their customers such as education loans, wedding loans, medical loans, home renovation loans, travel loans, etc.
IndusInd Bank Education Personal Loan
IndusInd Bank personal loans can be useful in funding your education-related expenses like tuition fees, living expenses, stationery expenses, flight expenses, emergency funds, consolidated debt, or any other costs covered under an education-oriented goal.
IndusInd Bank Wedding Personal Loan
Personal loan applicants can avail of wedding loans from IndusInd Bank to meet various wedding-related expenses like venue, decorations, wedding dress, honeymoon expenses, etc.
IndusInd Bank Medical Expenses Personal Loan
Consumers can avail of emergency medical loans anytime from IndusInd Bank to manage various medical expenses such as medical bills, surgeries, etc.
IndusInd Bank Home Renovation Personal Loan
IndusInd Bank offers personal loans instantly for home renovation to give your home a fresh new look by renovating, improving, and extending your existing home property. Whether you’re looking to upgrade your kitchen, renovate your bathroom, or create a stunning outdoor space.
IndusInd Bank Travel Personal Loan
If you want to explore new destinations or planning to go on a well-deserved vacation but don’t have sufficient funds you can get an IndusInd Bank personal loan for travel is custom-made specially to cater to all your financial needs related to travelling.
Pros and Cons of IndusInd Bank Personal Loan (Indus MobileApp)
Following are the pros and cons of availing of a personal loan from IndusInd Bank as per ratings and reviews of users.
| PROS | CONS |
| The application is well-designed and user-friendly | The app is working slowly and navigation is a major issue |
| Their customer service is good and active | The app shows lots of error |
| It is easy to make repayments | |
| Multiple features are available |
IndusInd Bank Personal Loan App Ratings & Reviews
The rating given by the users for the IndusMobile App is great on Google Playstore, more than 1 crore users download their app. You can read the below table for Indus Mobile App details.
| 1. | Playstore Rating | 4.0*/5 |
| 2. | Number of Downloads | More than 1 Crore |
| 3. | Number of Users Review | 4,64,274 |
| 4. | Content Rating | 3+ |
| 5. | App Size | 65 MB |
| 6. | OS Required | Android 5.1 and above |
| 7. | App Permissions | Camera, Contacts, Location, Telephone, SMS, Storage, Other |
IndusInd Bank Customer Care
You can directly contact the IndusInd Bank Customer Care via any of the following modes given below:
- You can simply connect to an IndusInd representative at 022 68577777 / 022 44066666 / 022 42207777 / 1860 267 7777
- You can send email to reachus@indusind.com
- You can simply walk into any of IndusInd Bank branches, in the selected cities where we offer personal loans.
IndusInd Bank Personal Loan FAQs
1. How long will it take for the IndusInd Bank personal loan to get approved and disbursed?
IndusInd Bank personal loan gets approved and disbursed within less duration at the sole discretion of the bank. If all the details are correct and your documents get verified. If the details filled by you are incorrect, it might take 1-2 days more. All loan approvals take place at the sole discretion of the bank.
2. How does IndusInd Bank fix the rate of interest for personal loan applicants?
IndusInd Bank has not disclosed any interest rate slab for loan applicants except their personal loan interest rates start from 10.49% p.a. They do not disclose the different interest rates charged for various types of personal loans.
3. Is part-prepayment of an IndusInd Bank Personal Loan allowed?
Part prepayment of an IndusInd Bank is not allowed. The Personal Loan has to either be prepaid in full or serviced for the contracted loan tenure.
4. Do I get superior privileges as an IndusInd Bank Customer?
They will offer you special interest rates, minimum documents are required and your application will be processed on a priority basis. Having an account enables IndusInd Bank to assess your financial requirements better and assists them in providing you with services and adequate loan amounts as per your ability.
Thank you for reading!